Bank technology

In Brief: Metavante Closes Deal for Lockbox Vendor

Published September 07, 2006, 1:00 a.m. EDT

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Updated September 06, 2006, 3:58 p.m. EDT

1 Min Read

Metavante Corp., the technology subsidiary of the Milwaukee banking company Marshall & Ilsley Corp., has completed its acquisition of Vicor Inc., a Richmond, Calif., maker of lockbox automation systems.

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Vicor will operate as a subsidiary of Metavante's commercial treasury solutions division, which was formed in July to court large banking companies, the acquirer said last week.

Metavante, which historically has provided outsourced services to small banks, announced the deal for Vicor in June.

Vicor's flagship product, the Receivable Information Delivery System, offers both wholesale and retail payment processing and is used by several large banking companies, including Bank of America Corp., JPMorgan Chase & Co., PNC Financial Services Group Inc., and U.S. Bancorp, and by third-party lockbox operators such as RemitStream Solutions, a unit of Fiserv Inc. of Brookfield, Wis.

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Bank technology

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